George Gillett, the American businessman who co-owns English soccer club Liverpool, will receive US$550 million after his sale of the Montreal Canadiens NHL franchise was approved.

The deal represents a huge profit on the US$275 million Gillett paid for his share of the franchise in 2001. The price was driven up by competing bidders, with three of the Molson brothers, from the family which owns the 19.9 per cent of the club not in Gillett's hands, outbidding a number of other parties, including Quebecor Media.

The Molson family will now take full control of the team after buying Gillett's 80.1 per cent stake. Geoff Molson will be club chairman and chief executive.

• Financially struggling Liverpool hand over more cash
• New stadium back on the agenda for Hicks and Gillett

Whether Gillett will reinvest any of the fortune in Liverpool remains to be seen. His co-owner Tom Hicks has publically stated that the sale of one of his sports properties, the Texas Rangers, will not affect his dealings with Liverpool.